Insight Communications (NASDAQ:ICCI)
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Insight Communications Company (NASDAQ:ICCI) today
announced financial results for the quarter ended September 30, 2005.
Third Quarter Highlights
-- Revenue of $279.0 million, an increase of 11% over Q3 2004
-- Operating Income before Depreciation and Amortization* of
$116.0 million, an increase of 10% over Q3 2004
-- Capital expenditures of $51.1 million
-- Free Cash Flow* of $30.7 million
-- Total Customer Relationships of 1,334,200, compared to
1,330,300 for Q3 2004
-- Total RGUs of 2,281,000, an increase of 9% from Q3 2004,
comprised of:
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-- High-speed Internet customer net gain of 47,900, an
increase of 27% over Q3 2004 net additions. Total HSI
customers at quarter end were 439,200, a penetration of
19% of HSI homes passed.
-- Basic customer net gain of 13,800, an increase of 12,600
customers over Q3 2004 net additions, resulting in
1,271,000 basic customers at quarter end
-- Digital customer net gain of 29,100, an increase of 37%
over Q3 2004 net additions, increasing digital customers
to 489,900 at quarter end. Digital penetration was 40% of
the company's Digital Universe.
-- Telephone customer net gain of 7,400, bringing total
telephone customers to 80,900 at quarter end and
penetration to 10% of marketable homes passed
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-- As of September 30, 2005, 97% of the company's customers were
passed by two-way, 750 MHz or higher capacity upgraded network
Operating Results for the Three Months Ended September 30, 2005
Compared to Three Months Ended September 30, 2004
Revenue for the three months ended September 30, 2005 totaled
$279.0 million, an increase of 11% over the prior year, due primarily
to customer gains in high-speed Internet and digital services, as well
as basic rate increases. High-speed Internet service revenue increased
46% over the prior year, which is mainly attributable to an increased
customer base. Insight added a net 47,900 high-speed Internet
customers during the quarter to end at 439,200 customers.
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* See explanation of these Non-GAAP measures on page 5.
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In addition, digital service revenue increased 10% over the prior
year due to an increased customer base. Insight added a net 29,100
digital customers during the quarter to end at 489,900 customers.
Basic cable service revenue increased 3% due to basic rate
increases partially offset by customer losses over the last twelve
months. Insight is increasing its customer retention efforts by
emphasizing bundling, enhancing and differentiating its video services
and providing video-on-demand, high definition television and digital
video recorders. The company is also continuing to focus on improving
customer service through higher service levels, increased education of
product offerings and increased spending on marketing and sales
efforts.
Revenue by service offering was as follows for the three months
ended September 30 (dollars in thousands):
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Revenue by Service Offering
-------------------------------------- ----------
Three Three
Months Months
Ended Ended
September % of September % of
30, Total 30, Total % Change
2005 Revenue 2004 Revenue in Revenue
---------- -------- --------- -------- ----------
Basic $148,393 53.2% $143,918 57.4% 3.1%
High-Speed Internet 49,677 17.8% 33,955 13.5% 46.3%
Digital 27,300 9.8% 24,872 9.9% 9.8%
Advertising 18,416 6.6% 15,725 6.3% 17.1%
Premium 13,215 4.7% 13,694 5.5% (3.5)%
Telephone 9,020 3.2% 3,829 1.5% 135.6%
Franchise fees 7,681 2.8% 7,183 2.9% 6.9%
Other 5,284 1.9% 7,340 3.0% (28.0)%
---------- -------- --------- -------- ----------
Total $278,986 100.0% $250,516 100.0% 11.4%
========== ======== ========= ======== ==========
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Total Customer Relationships were 1,334,200 as of September 30,
2005, compared to 1,330,300 as of September 30, 2004. Total Customer
Relationships represent the number of customers who receive one or
more of Insight's products (i.e., basic cable, high-speed Internet or
telephone) without regard to which product they purchase. Revenue
Generating Units ("RGUs"), which represent the sum of basic, digital,
high-speed Internet and telephone customers, as of September 30, 2005,
increased 9% as compared to September 30, 2004. RGUs by category were
as follows (in thousands):
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September 30, 2005 September 30, 2004
------------------- -------------------
Basic 1,271.0 1,283.6
Digital 489.9 439.4
High-speed Internet 439.2 311.5
Telephone 80.9 62.8
------------------- -------------------
Total RGUs 2,281.0 2,097.3
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Average monthly revenue per basic customer was $73.57 for the
three months ended September 30, 2005, compared to $65.08 for the
three months ended September 30, 2004. This primarily reflects the
continued growth of high-speed Internet and digital product offerings
in all markets, as well as basic rate increases. In addition,
telephone revenues for the three months ended September 30, 2005,
reflect service revenues earned directly from customers, compared to
the three months ended September 30, 2004, which reflected revenues
billed to Comcast under a previous contractual arrangement that was
terminated effective December 31, 2004. Also included in telephone
revenue for the three months ended September 30, 2005, is the
continued amortization of installation revenue under the previous
arrangement with Comcast in the amount of $833,000.
Programming and other operating costs increased $7.4 million, or
8%. Total programming costs for Insight's video products increased
primarily as a result of increases in programming rates offset by a
credit of approximately $3.4 million. The credit resulted from
favorable resolution of pricing negotiations related to certain prior
period programming costs that were accrued at a higher rate than the
amount actually paid, as well as $1.7 million for a settlement of
disputed claims with a vendor. Other operating costs increased
primarily as a result of increases in technical salaries for new and
existing employees, in addition to decreased capitalized labor costs
due to the continued transition from upgrade and new connect
activities to maintenance and reconnect activities. Other operating
costs also increased as a result of cost of sales associated with
telephone that were previously paid by Comcast, increases in repairs
and maintenance costs due to increased repairs on customer premise
equipment and increased software maintenance costs and increased
property taxes due to a favorable reversal of accrued property taxes
recorded for the quarter ended September 30, 2004.
Selling, general and administrative expenses increased $10.2
million, or 18%, primarily due to increased payroll and payroll
related costs, including salary increases for existing employees.
Marketing support funds (recorded as a reduction to selling, general
and administrative expenses) decreased over the prior year's quarter.
Marketing expenses increased over the prior year's quarter to support
the continued rollout of high-speed Internet, digital and telephone
products, and to maintain the company's core video customer base. A
decrease in expenses previously allocated to Comcast, under Insight's
prior agreement to manage certain Comcast systems, also contributed to
the increase in selling, general and administrative expenses. As this
agreement was terminated effective July 31, 2004, the period ended
September 30, 2005 does not include any of these expense allocations,
and the quarter ended September 30, 2004 includes one month of these
expense allocations. Some cost savings have been realized upon
termination of the management agreement, and the impact of certain of
these savings is reflected in programming and other operating costs.
An increase in other miscellaneous selling, general and administrative
expenses was partially offset by a decrease in bad debt expense over
the prior year's quarter.
Depreciation and amortization expense increased $4.6 million, or
8%, primarily as a result of additional capital expenditures through
September 30, 2005.
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These expenditures were primarily for network extensions,
capitalized payroll, telephone equipment and purchases of customer
premise equipment, all of which Insight considers necessary in order
to continue to maintain and grow its customer base and expand its
service offerings. Partially offsetting this increase was a decrease
in depreciation expense related to certain assets that have become
fully depreciated since September 30, 2004.
As a result of the factors discussed above, Operating Income
before Depreciation and Amortization increased $10.9 million, or 10%.
Interest expense increased $8.5 million, or 17%, due to higher
interest rates, which averaged 8.3% for the three months ended
September 30, 2005, as compared to 7.0% for the three months ended
September 30, 2004, and an increase in the accreted value of the 12
1/4% Senior Discount Notes.
Liquidity and Capital Resources
Insight's business requires cash for operations, debt service,
capital expenditures and acquisitions. The cable television business
has substantial ongoing capital requirements for the construction,
expansion and maintenance of its broadband networks and provision of
new services. In the past, expenditures have been made for various
purposes, including the upgrade of the existing cable network, and in
the future will be made for network extensions, installation of new
services, customer premise equipment (e.g., set-top boxes), deployment
of new product and service offerings, and, to a lesser extent, network
upgrades. Historically, Insight has been able to meet its cash
requirements with cash flow from operations, borrowings under its
credit facilities and issuances of private and public debt and equity.
Cash provided by operations for the nine months ended September
30, 2005 and 2004 was $225.0 million and $227.7 million. The decrease
was primarily attributable to the timing of cash receipts and payments
related to Insight's working capital accounts; the decrease was
partially offset by increased operating income and the effect of
non-cash items.
Cash used in investing activities for the nine months ended
September 30, 2005 and 2004 was $143.0 million and $130.9 million. The
increase primarily was due to capital expenditures for the buildout of
Insight's telephone product.
Cash used in financing activities for the nine months ended
September 30, 2005 and 2004 was $64.3 million and $60.8 million. The
increase was primarily due to debt issuance costs paid for the
refinancing of the Term B loan facility and increased amortization
payments of the credit facility in 2005.
For the nine months ended September 30, 2005 and 2004, Insight
spent $144.6 million and $130.9 million in capital expenditures. These
expenditures principally constituted telephone equipment, purchases of
customer premise equipment, capitalized labor, headend equipment and
system upgrades and rebuilds, all of which are necessary to maintain
Insight's existing network, grow its customer base and expand its
service offerings.
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Free Cash Flow for the nine months ended September 30, 2005
totaled $80.4 million, compared to $96.8 million for the nine months
ended September 30, 2004. The decrease was primarily driven by the
following:
-- An $8.1 million use of Free Cash Flow for the nine months
ended September 30, 2005 compared to a $13.5 million source
for the nine months ended September 30, 2004 from changes in
working capital accounts;
-- A $14.5 million increase in cash interest expense paid
primarily driven by an increase in interest rates; and
-- A $13.7 million increase in capital expenditures.
The above fluctuations reduced Free Cash Flow by $49.8 million and
were largely offset by an increase in operating income before
depreciation and amortization of $33.4 million.
While Insight expects to continue to use Free Cash Flow to repay
its indebtedness, as interest rates continue to increase, it expects
interest costs will also be higher.
On July 21, 2005, Insight completed a refinancing of the existing
$1.1 billion Term B loan facility under the Insight Midwest Credit
Agreement. This refinancing reduced the applicable margins for LIBOR
rate borrowings from LIBOR plus 275 basis points to LIBOR plus 200
basis points. The applicable margin will reduce an additional 25 basis
points if the Midwest Holdings leverage ratio drops below 2.75. The
maximum total leverage ratio covenant was reset from 3.75 to 4.50 on
July 1, 2005 with additional step-downs to 4.25 on July 1, 2006 and to
4.00 on July 1, 2007. The facility was also amended to provide certain
flexibility to refinance the senior notes at Insight Midwest.
Use of Operating Income before Depreciation and Amortization and
Free Cash Flow
Insight utilizes Operating Income before Depreciation and
Amortization, among other measures, to evaluate the performance of its
businesses. Operating Income before Depreciation and Amortization is
considered an important indicator of the operational strength of
Insight's businesses and is a component of its annual compensation
programs. In addition, Insight's debt agreements use Operating Income
before Depreciation and Amortization, adjusted for certain
non-recurring items, in their leverage and other covenant
calculations. Insight also uses this measure to determine how it will
allocate resources and capital. Insight's management finds this
measure helpful because it captures all of the revenue and ongoing
operating expenses of its businesses and therefore provides a means to
directly evaluate the ability of the business operations to generate
returns and to compare operating capabilities across its businesses.
This measure is also used by equity and fixed income research analysts
in their reports to investors evaluating Insight's businesses and
other companies in the cable television industry. Insight believes
Operating Income before Depreciation and Amortization is useful to
investors because it enables them to assess its performance in a
manner similar to the methods used by Insight's management and
provides a measure that can be used to analyze, value and compare
companies in the cable television industry, which may have different
depreciation and amortization policies.
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A limitation of Operating Income before Depreciation and
Amortization, however, is that it does not reflect the periodic costs
of certain capitalized tangible and intangible assets used in
generating revenues in Insight's businesses. Management evaluates the
costs of such tangible and intangible assets through other financial
measures such as capital expenditures, investment spending and Free
Cash Flow. Management also evaluates the costs of capitalized tangible
and intangible assets by analyzing returns provided on the capital
dollars deployed. Another limitation of Operating Income before
Depreciation and Amortization is that it does not reflect income net
of interest expense, which is a significant expense for the company
because of the substantial debt it has incurred to acquire cable
television systems and finance capital expenditures to upgrade its
cable network. Management evaluates the impact of interest expense
through other measures including interest expense itself, Free Cash
Flow, the returns analysis discussed above and debt service covenant
ratios under Insight's credit facility.
Free Cash Flow is net cash provided by operating activities (as
defined by accounting principles generally accepted in the United
States) less capital expenditures. Free Cash Flow is considered to be
an important indicator of Insight's liquidity, including its ability
to repay indebtedness. Insight believes Free Cash Flow is useful for
investors because it enables them to assess Insight's ability to
service its debt and to fund continued growth with internally
generated funds in a manner similar to the methods used by Insight's
management, and provides a measure that can be used to analyze, value
and compare companies in the cable television industry.
Both Operating Income before Depreciation and Amortization and
Free Cash Flow should be considered in addition to, not as a
substitute for, Operating Income, Net Income and various cash flow
measures (e.g., Net Cash Provided by Operating Activities), as well as
other measures of financial performance and liquidity reported in
accordance with accounting principles generally accepted in the United
States.
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Reconciliation of Net Loss to Operating Income before Depreciation
and Amortization
The following table reconciles Net Loss to Operating Income before
Depreciation and Amortization. In addition, the table provides the
components from Net Loss to Operating Income for purposes of the
previous discussions.
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Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
(in thousands)
Net loss $7,375 $5,447 $16,445 $19,791
Income tax benefit (provision) (125) 15 (375) 326
--------- --------- --------- ---------
Loss before income taxes 7,250 5,462 16,070 20,117
Minority interest expense (2,242) (1,597) (6,069) (877)
--------- --------- --------- ---------
Loss before minority interest
and income taxes 5,008 3,865 10,001 19,240
Other income (expense):
Other (834) (475) (1,505) 1,701
Interest income (853) (174) (1,876) (423)
Interest expense 57,773 49,228 168,781 150,165
--------- --------- --------- ---------
Total other expense, net 56,086 48,579 165,400 151,443
--------- --------- --------- ---------
Operating income 51,078 44,714 155,399 132,203
Depreciation and amortization 64,930 60,360 190,599 180,381
--------- --------- --------- ---------
Operating Income before
Depreciation and Amortization $116,008 $105,074 $345,998 $312,584
========= ========= ========= =========
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Reconciliation of Net Cash Provided by Operating Activities to
Free Cash Flow
The following table provides a reconciliation from net cash
provided by operating activities to Free Cash Flow. In addition, the
table provides the components from net cash provided by operating
activities to operating income for purposes of the previous
discussions.
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Three Months Nine Months
Ended September 30, Ended September 30,
-------------------- -------------------
2005 2004 2005 2004
----------- -------- --------- ---------
(in thousands)
Operating income $51,078 $44,714 $155,399 $132,203
Depreciation and
amortization 64,930 60,360 190,599 180,381
----------- -------- --------- ---------
Operating Income before
Depreciation and Amortization 116,008 105,074 345,998 312,584
Changes in working
capital accounts(1) (13,713) 4,083 (8,136) 13,470
Cash paid for interest (20,480) (15,778) (112,598) (98,093)
Cash paid for taxes (30) (46) (252) (242)
----------- -------- --------- ---------
Net cash provided by operating
activities 81,785 93,333 225,012 227,719
Capital expenditures (51,109) (47,308) (144,622) (130,895)
----------- -------- --------- ---------
Free Cash Flow $30,676 $46,025 $80,390 $96,824
=========== ======== ========= =========
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About Insight Communications
Insight Communications (NASDAQ: ICCI) is the 9th largest cable
operator in the United States, serving approximately 1.3 million
customers in the four contiguous states of Illinois, Kentucky, Indiana
and Ohio. Insight offers bundled, state-of-the-art services in
mid-sized communities, delivering analog and digital video, high-speed
Internet and, in selected markets, voice telephony to its customers.
Any statements in this press release that are not historical facts
are forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934. The words "estimate," "expect,"
"anticipate" and other expressions that indicate future events and
trends identify forward-looking statements. The above forward-looking
statements are subject to risks and uncertainties and are subject to
change based upon a variety of factors that could cause actual results
to differ materially from those Insight anticipates. Factors that
could have a material and adverse impact on actual results include:
all of the services offered by Insight face a wide range of
competition; Insight has substantial debt and has significant interest
payment requirements; there is uncertainty surrounding the potential
dissolution of Insight's joint venture with a subsidiary of Comcast
Corporation; the terms of Insight Midwest's indebtedness limits
Insight's ability to access the cash flow of Insight Midwest's
subsidiaries; Insight has a history of net losses; Insight's
programming costs are substantial; general business conditions,
economic uncertainty or slowdown, and the effects of governmental
regulation; and the other risk factors described in Insight's annual
report on Form 10-K and other periodic filings. In addition, actual
results could differ materially from the forward-looking statements
contained in this press release as a result of the timing of the
completion of the proposed going private transaction or the impact of
such transaction on Insight's operating results, capital resources,
profitability, cash requirements, management resources and liquidity.
Insight does not undertake any obligation to publicly update or
release any revisions to these forward-looking statements to reflect
events or circumstances after the date of this press release or to
reflect the occurrence of unanticipated events, except as required by
law.
(1) Changes in working capital accounts are based on the net cash
changes in current assets and current liabilities, excluding charges
related to interest and taxes and other non-cash expenses.
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INSIGHT COMMUNICATIONS COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
September 30, December 31,
2005 2004
-------------- --------------
unaudited
Assets
Cash and cash equivalents $117,782 $100,144
Investments 5,736 5,053
Trade accounts receivable, net of
allowance for doubtful accounts of
$1,291 and $1,050 as of September 30,
2005 and December 31, 2004 22,629 31,355
Launch funds receivable 517 2,749
Prepaid expenses and other current assets 19,532 11,343
-------------- --------------
Total current assets 166,196 150,644
Fixed assets, net 1,117,526 1,154,251
Goodwill 72,430 72,430
Franchise costs 2,361,959 2,361,959
Deferred financing costs, net of
accumulated amortization of $22,894 and
$18,892 as of September 30, 2005 and
December 31, 2004 25,606 27,896
Other non-current assets 2,053 2,692
-------------- --------------
Total assets $3,745,770 $3,769,872
============== ==============
Liabilities and stockholders' equity
Accounts payable $22,645 $31,886
Accrued expenses and other current
liabilities 37,224 40,838
Accrued property taxes 12,830 13,049
Accrued programming costs (inclusive of
$37,743 53,478 51,329
and $36,838 due to related parties as of September 30,
2005 and December 31, 2004)
Deferred revenue 5,744 8,996
Interest payable 48,131 20,643
Debt - current portion 83,500 83,500
-------------- --------------
Total current liabilities 263,552 250,241
Deferred revenue 1,835 2,904
Debt 2,687,935 2,724,063
Other non-current liabilities 2,008 1,331
Minority interest 251,592 245,523
Stockholders' equity:
Preferred stock; $.01 par value;
100,000,000 shares authorized; no shares
issued and outstanding as of September
30, 2005 and December 31, 2004 - -
Common stock; $.01 par value:
Class A - 300,000,000 shares authorized;
51,841,390 and 50,912,910 shares issued
and outstanding as of September 30, 2005
and December 31, 2004 517 509
Class B - 100,000,000 shares authorized;
8,489,454 shares issued and outstanding
as of June 30, 2005 and December 31,
2004 85 85
Additional paid-in-capital 828,409 813,853
Accumulated deficit (276,715) (260,270)
Deferred stock compensation (13,893) (8,689)
Accumulated other comprehensive income 445 322
-------------- --------------
Total stockholders' equity 538,848 545,810
-------------- --------------
Total liabilities and stockholders'
equity $3,745,770 $3,769,872
============== ==============
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INSIGHT COMMUNICATIONS COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
Three months ended Nine months ended
September 30, September 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Revenue $278,986 $250,516 $827,624 $739,910
Operating costs and
expenses:
Programming and other
operating costs
(exclusive of
depreciation and
amortization)
(inclusive of $39,438
and $120,114 and
$37,490 and $110,968
of programming expense
incurred through
related parties for
the three and nine
months ended September
30, 2005 and 2004) 94,872 87,522 287,005 264,277
Selling, general and
administrative 68,106 57,920 194,621 163,049
Depreciation and
amortization 64,930 60,360 190,599 180,381
---------- ----------- ----------- -----------
Total operating costs
and expenses 227,908 205,802 672,225 607,707
---------- ----------- ----------- -----------
Operating income 51,078 44,714 155,399 132,203
Other income (expense):
Interest expense (57,773) (49,228) (168,781) (150,165)
Interest income 853 174 1876 423
Other income (expense) 834 475 1505 (1,701)
---------- ----------- ----------- -----------
Total other expense,
net (56,086) (48,579) (165,400) (151,443)
Loss before minority
interest and income
taxes (5,008) (3,865) (10,001) (19,240)
Minority interest
expense (2,242) (1,597) (6,069) (877)
----------- ----------- ----------- -----------
Loss before income
taxes (7,250) (5,462) (16,070) (20,117)
Benefit (provision) for
income taxes (125) 15 (375) 326
----------- ----------- ----------- -----------
Net loss applicable to
common stockholders $(7,375) $(5,447) $(16,445) $(19,791)
=========== =========== =========== ===========
Basic and diluted loss
per share attributable
to common stockholders $(.12) $(.09) $(.27) $(.33)
Basic and diluted
weighted-average
shares outstanding 60,300,352 59,757,557 59,880,754 59,711,272
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INSIGHT COMMUNICATIONS COMPANY, INC.
FINANCIAL INFORMATION
(in thousands)
Q3 Q2 Q3
2005 2005 2004
--------- --------- ---------
Customer Relationships 1,334.2 1,315.4 1,330.3
Total Average Monthly Revenue per
Customer $73.57 $73.64 $65.08
Basic Cable
-----------------------------------------
Homes Passed 2,417.6 2,396.4 2,364.1
Basic Cable Customers 1,271.0 1,257.2 1,283.6
Basic Cable Penetration 52.6% 52.5% 54.3%
Cable Revenue $148,393 $150,071 $143,918
Average Monthly Cable Revenue per
Customer $39.13 $39.57 $37.39
High-Speed Internet ("HSI")
-----------------------------------------
HSI Homes Passed 2,364.6 2,338.7 2,307.5
HSI Customers 439.2 391.3 311.5
HSI Penetration 18.6% 16.7% 13.5%
HSI Revenue $49,677 $46,318 $33,955
Average Monthly HSI Revenue per Customer $13.10 $12.21 $8.82
Average Monthly HSI Revenue per HSI
Customer $39.88 $40.68 $38.67
Digital Cable
-----------------------------------------
Digital Universe 1,222.0 1,210.5 1,234.1
Digital Customers 489.9 460.8 439.4
Digital Cable Penetration 40.1% 38.1% 35.6%
Digital Revenue $27,300 $27,838 $24,872
Average Monthly Digital Revenue per
Customer $7.20 $7.34 $6.46
Average Monthly Digital Revenue per
Digital Customer $19.14 $20.18 $19.33
Telephone
-----------------------------------------
Telephone Universe (marketable homes) 801.1 763.7 740.7
Telephone Customers 80.9 73.5 62.8
Telephone Penetration (to marketable
homes) 10.1% 9.6% 8.5%
Telephone Revenue $9,020 $8,387 $3,829
Average Monthly Telephone Revenue per
Customer $2.38 $2.21 $.99
Average Monthly Telephone Revenue per
Telephone
Customer $38.96 $39.35 NM
Advertising Revenue
-----------------------------------------
Advertising Revenue $18,416 $19,749 $15,725
Average Monthly Advertising Revenue per
Customer $4.86 $5.21 $4.09
Other Revenue
-----------------------------------------
Other Revenue $26,180 $26,948 $28,217
Average Monthly Other Revenue per
Customer $6.90 $7.10 $7.33
NM = Not Meaningful
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INSIGHT COMMUNICATIONS COMPANY, INC.
NCTA STANDARD REPORTING CATEGORIES
CAPITAL EXPENDITURES
(unaudited)
(in thousands)
Insight Consolidated Q3 2005 YTD Q3 2004 FY
-------------------------------------------------- --------- ---------
Customer Premise Equipment $30,160 $75,239 $95,311
Scaleable Infrastructure 3,022 14,450 14,920
Line Extensions 7,761 18,984 25,168
Upgrade/Rebuild 4,689 13,954 13,616
Support Capital 5,477 21,995 25,081
-------- --------- ---------
Total Insight Consolidated $51,109 $144,622 $174,096
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